Bitcoin Price Boom Built on Sound Fundamentals, Observers Tell Naysayers


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When bitcoin price reaches new heights, the critics raise their voices. As the price approached the $6,000 benchmark Friday, it didn’t take long for critics to warn of impending doom.

Wall Street banker Jamie Dimon, chief executive of JP Morgan Chase, unleashed another one of his diatribes against bitcoin Friday in response to a CNBC moderator question at an event hosted by the Institute of International Finance, reiterating that he believes blockchain technology is useful but that non-fiat cryptocurrency “has no value.”

Financial analyst Gary Shilling called bitcoin a ‘black box’ and that he won’t be investing in the digital currency. Shilling, president of A. Gary Shilling & Company, said bitcoin is “too opaque and complicated for him to invest” in.

But many cryptocurrency observers believe the rise in bitcoin price is built on solid fundamentals and are optimistic about bitcoin’s future.

Here are some topics that are discussed in this article :

Publicity Boosts Bitcoin
Progress Expected To Continue
Mainstream Acceptance Grows
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Well, I think the whole bitcoin discussion has raised expectations, while also letting the critics have their say. It remains to be seen how everything will pan out, but it is good to remain cautious, while ensuring that investment in this digital currency is made as an informed choice.
I wonder how many of the critics have a financial stake in the Federal Reserve. A rise in Cryptocurrency will have a negative impact on the F.R., so one must consider the source of criticism.
Well, I agree with you @Tigger but are there chances that there could be critics that have no vested interests whatsoever? We are talking about the total value in circulation nearing $100 billion and it remains to be seen how this will pose a threat to government-backed money. As of June this year, the value of paper values released by the F.R stood at about 1.4 trillion.


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